Chingari, India’s first video sharing app that incorporates blockchain has plans to expand multi-fold. Sumit Ghosh co-founder and CEO of Chingari, discusses what’s on the horizon exclusively with Music Plus.
Previously, Chingari raised $15 million (Rs 111 crore) in a Series A extension round led by Republic Capital. The investment round also saw the participation of investors such as OnMobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, and family offices. The app’s token, $GARI also went live on 12 exchanges including, Huobi Global, FTX, KuCoin, Gate.io, OKEx and MEXC Globa. From making decentralised movies to setting up a music label on the blockchain, here’s a peek into the Ghosh’s very big ideas.
You recently said that ‘Crypto is the necessary edge over other players. Could you talk to us about that time when you decided to incorporate blockchain technology with Chingari?
The existing social media platforms are highly centralised in nature where the creators’ content and revenues are concentrated in the hands of big tech giants. In this existing setup, the tech companies are exploiting the user content and sharing very little revenue with them. Using crypto and its underlying tech i.e Blockchain we at Chingari have decentralised this set-up.
Now, the content creators are the owner of their own data. We have incorporated Web3 in Chingari which completely democratised the content in terms of revenue sharing and the ownership of content created by the users. Any decision that is to be made on the app is taken by the community. Moreover, through crypto, a user can tip their favourite creators. To sum up, through Crypto we are empowering content creators, that is the edge we have over the other players.
Can you tell us about Chingari Metaverse and what can we look forward to?
The Chingari Metaverse will be the next big thing in the short video apps platform. Chingari Metaverse will be much more immersive and provide an enhanced user experience. Creators and users will be able to interact with each other. Moreover, it will also open new streams of advertisers to run ads.
Similarly, Gari Panda NFT owners get access to ‘ Ownership of independent movie production house on Chingari Multiplex’. Please tell us more about your film production plans and multiplex ideas?
We are mulling making Chingari Multiplex, the first decentralised production house in the world. GARI PANDA NFT holders will have an option to invest in short movies production. Proceeds will be shared with the NFT holders who have contributed to the production of these movies.
How will the production house, record label and other offerings be integrated into the Chingari experience?
All the movies produced will be available on the Chingari Multiplex and other OTT platforms. This will greatly enhance the user experience in terms of content diversity.
Can you talk about the first independent music record label from India on the blockchain through Chingari?
Chingari will be launching a record label: Chingari Music – The first independent music label on the blockchain. Chingari will provide a platform for budding artists to launch themselves with ‘Chingari Music’ where the selection of artists will be done through voting on blockchain by Gari Panda NFT holders.
Chingari will support these artists to record their music and reach millions of music lovers. The revenue generated through the record label will be shared with artists and the Gari Panda holders.
A record label while incorporating blockchain technology can enable artists to receive equitable royalty payments and venues can prevent counterfeit tickets. Moreover, record labels can easily track music streams and quickly compensate all musicians who produced songs or albums.
What sort of advice do you have for the uninitiated to dabble in crypto, especially using Chingari as a start?
DYOR, or Do Your Own Research, is the basic rule of investing, especially in crypto. As we can see, so many crypto projects have popped up recently, causing FOMO among investors, particularly new investors, to participate in these projects. A new investor must examine the initiatives, their objectives, and future plans among the cacophony on social media networks. The Whitepaper contains this information, but only if the projects are real.
Chingari is the one-stop platform for content creation and entertainment. At present, we are the biggest social media company that has pivoted to Web3; and top music labels have noticed this and want to participate in this Web3 revolution via music NFTs.
We are in talks with some of the biggest music labels in the country to launch Music NFTs in the future which provide the rights to the NFT holders to use and monetise the underlying music clips.